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Taiwan’s Legislator Calls on FSC to Clarify Regulations on Bitcoin

As bitcoin’s momentum has grown significantly across the world, Yu Wanju, a Democratic Progressive Party member of the Legislative Yuan, posted on her Facebook that, the FSC should clarify its attitude towards bitcoin. She calls on FSC to specific regulations on Bitcoin.

Yu suggested that, FSC should clearly inform banks if engaging into a bitcoin-related financial activity is legalized or not. For instance, FSC also could conduct risk assessment on this emerging industry and legalize business cooperation between certain banks and cryptocurrency exchanges, as well as blockchain startups to reduce regulatory uncertainty.

Last Friday, Taiwan’s Minister of Justice, Qiu Taisan also called for cryptocurrency regulations to be in place by November. It was also reported that, Taiwan’s justice department has joined hands with other regulators and industry players on the best way to capture bitcoin under AML rules to bring more transparency to cryptocurrency trading in Taiwan.

Yu emphasized that, At the end of last year, there was a discussion about how to regulate bitcoin. Financial authorities conducted researches on bank’s partnership with crypto exchanges and domestic bitcoin transactions. However, these initiatives has stopped banks from participating in this financial innovation due to the regulatory uncertainty.

In order to attract top international companies and foreign capital to reinvigorate Taiwan’s economy, the most pressing matter of the moment is to set up a clear legal framework and get rid of the uncertainty.

In this regard, Zhao Changpeng, the founder and CEO of world’s largest cryptocurrency exchange Binance, commented on Twitter, saying that he was very pleased to see the positive attitude from Taiwan authorities in blockchain technology and looking forward to see the positive economic effects driven by this industry before long.